Tyson Foods Inc shares climbed more than 11% to an all-time high on Monday after the company reported that first-quarter profits nearly doubled due to soaring U.S. meat prices.
JBS SA agreed to pay $52.5 million to settle litigation accusing meat-packing companies of conspiring to limit supply in the $63 billion-a-year U.S. beef market in order to inflate prices and boost profit.
Rising COVID-19 infections among U.S. workers have forced meat plants to slow production and the government to replace slaughterhouse inspectors, meat companies and union officials said.
Chicago Mercantile Exchange live cattle futures fell more than 1% on Wednesday on technical selling, softer cash cattle markets this week and worries about export demand for U.S. beef, traders said.
President Biden planned to meet with chief executives of major retailers and companies to discuss how to move goods to shelves as the U.S. holiday shopping season begins in the shadow of the Omicron coronavirus variant.
Supply-chain disruptions are hitting America’s meat producers and sending them scrambling for alternatives as they seek to care for farm animals and keep down costs.
Tyson Foods Inc beat quarterly profit estimates on Monday and forecast fiscal 2022 revenue above market expectations on rising meat prices and improving demand from restaurants that reopened after COVID-19 restrictions.
Democrats set aside divisions between progressives and centrists to pass a $1 trillion package of highway, broadband and other infrastructure improvement, sending it on to President Joe Biden to sign into law.
China’s huge hog sector is struggling with excess production after millions of small, often first-time, pig farmers entered the industry to capitalise on record profits during a swine-fever related shortage.
